A wide variety of different types of storage systems are known. For example, some storage systems are configured to include multiple storage tiers, with different ones of the tiers providing different levels of performance or other characteristics. In such storage systems, data may be moved from one tier to another within a given storage system based on access frequency of the data or other factors. These and other types of tiered or non-tiered storage systems may be shared by multiple host devices of a compute cluster. However, problems can arise in such arrangements when a host device attempts to implement policies relating to load balancing and/or failover. For example, host devices are often configured to establish load balancing and failover policies for different storage array types on a per storage array type basis. In such arrangements, it is difficult if not impossible for a host device to specify different policies relating to load balancing and/or failover for different applications utilizing a storage array of the particular type. Utilization of the same policy relating to load balancing and/or failover for all applications accessing a storage array of a given type may lead to sub-optimal performance for some or all of the applications that utilize the storage array.